The global power metering market has huge growth opportunities owing to increasing demands from developing economies such as India, Brazil, and South Africa. The governments would enhance grid infrastructure, which would be done by installing more towers, so that more number of people have access to electricity. This would also ensure the growth of the power metering market since they would be installed to measure electricity consumption. In addition, rapidly increasing demands from various application industries and regions are generating several exciting markets opportunities for power meters.

The report has been segmented on the basis of application, phase, meter type, and region as follows:-

On the basis of meter type: The report considers various types of meters such as the emerging smart meters, the matured digital meters that occupy around 30% of the market, and analog meters.

On the basis of application: Under this segmentation, the report considers various applications such as residential usage, commercial usage, and industrial usage of meters. The markets of urban and rural applications have also been provided in the report.

On the basis of phase: Single and three phase meters have been considered in this segment.

On the basis of region: The regions analyzed in the report include Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Developing regions such as Asia-Pacific and Africa find a lucrative market for power meter manufacturers.

Growing environmental concerns, technological upgrade of the old grid infrastructure, and low maintenance cost are the major drivers behind the installation of smart meters in developed regions such as North America and Europe among others. Aging digital meters have to be replaced by technologically advanced smart meters by 2020, thereby boosting the smart meters market.

The report caters to power meter manufacturers, dealers, and suppliers, raw material providers, consulting companies in the energy and power sector, government and research organizations, government utility providers, private utility providers, private customers, network operators, metering companies, smart grid players, venture capital firms, and investment banks. Digital and analog meters have application and growth in developing economies such as Asia-Pacific and Africa, which are improving and enhancing their grid infrastructure to increase their electrification rate. These drivers are expected to push the power metering market size from USD 10,795.4 Million in 2014 to USD 17,850.6 Million by 2020. The report provides insights about the major players of the market and the growth strategies adopted by them. The leading players of the market such as General Electric (U.S.), Itron (U.S.), Toshiba Corp. (Japan), Melrose Plc. (U.K.), and Wasion Group Holdings Ltd. (China) among others have been profiled in this report.

The market was dominated by Asia-Pacific with a share of about 45% in 2014. It is estimated to grow at a CAGR of 9.6% from 2015 to 2020. Europe is expected to be the fastest growing market, at a CAGR of 12.5% during the forecast period. Stringent government regulations to replace digital meters by smart meters would drive the market in the European region.

The power metering market is projected to reach USD 17.8 Billion by 2020, at a CAGR of 8.9% from 2015 to 2020.

According to an estimate, the total world population, which was pegged at 7.3 Billion in 2014, is growing at a rate of 1.14% per year. Governments of the emerging economies in an attempt to provide clean water, sanitation, and living facilities are investing heavily in the development of the infrastructure of their respective regions. This would result in an increase in the number of construction activities, acting as a catalyst for the power metering market. According to an estimate, China along with India in the Asia-Pacific region spent more than USD 1.7 Trillion on construction activities in 2012. Consequently, the region held the largest market share of more than 40% in 2014, and is expected to grow at a high CAGR of more than 8% from 2015 to 2020 to occupy a market share of 46% by 2020. China is relatively a low cost manufacturing base, which proves to be an attractive market for the global power metering manufacturers for sale to the domestic market and export. Governments of the African countries are taking up various initiatives to pace up the electrification rate, which would further drive the power metering market.

A power meter is an electric device that measures energy consumption and enables uni as well as bi-directional communication, between the meter and the central system. The device reads and stores data of the number of units of electricity consumed in intervals, and communicates this information back to the utility for billing and monitoring purposes. Growing environmental concerns, technological upgradation of the old grid infrastructure, low maintenance cost, and two-way communication are few of the major drivers pushing smart meters installations in various developed regions such as North America and Europe. Each region has been analyzed with respect to its market trends, growth, and future prospects, in terms of the power metering market. This report basically aims to estimate the global market for power metering from 2015 to 2020.

In terms of shipments, the power metering market witnessed more than 170 Million units of power meters shipped in 2014. Smart meters accounted for the highest number of shipments. Rising electrification projects, smart meter pilot projects, and aggressive meter replacement are the major drivers of the market in the Asia-Pacific region.

Currently, the residential application dominates the power metering market mainly due to continuous construction of households in the developing economies. According to an estimate, around 270 Million new houses are expected to be constructed in India and China by 2025. Commercial and industrial applications, such as the usage of power meter in educational institutes, shopping complexes, and manufacturing plants hold the second and third largest markets and are expected to do well during the forecast period.

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